In the future, financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking.
As an educator myself, I understand the profound effect that good teachers and a quality education have on the lives of our young people.
People saw the Depression as a necessary thing - a chance to squeeze out the excesses, get back to Puritan morality. That just made things worse.
Given the extent of the exposures of major banks around the world to A.I.G., and in light of the extreme fragility of the system, there was a significant risk that A.I.G.'s failure could have sparked...
In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.